Quarterly Activities Report
Perth, July 30, 2021 AEST (ABN Newswire) - Alta Zinc Limited (ASX:AZI) (8EE:FRA) is pleased to provide its Quarterly Activities Report for the period ended 30 June 2021.
- Major Mineral Resource estimate (MRE) upgrade at Gorno, covering the Pian Bracca, Ponente and Zorzone areas, for 7.8Mt at 6.8% Zn, 1.8% Pb (Zn+Pb 8.6%) and 32g/t Ag with in-situ contained metal of:
o 514,800t zinc
o 124,800t lead
o 8,025,000oz silver
- Total Mineral Resource tonnes has increased by a factor of 2.4x and the zinc grade has increased by 40% compared to the previous (2017) MRE
- Zinc metal contained increased more than 3.3x, of which more than 60% is in the Indicated category
- Gorno mineralisation remains open in all directions outside of the MRE with drilling progressing on numerous step-out targets intending to grow the mineral resource base further
- Geophysics has proven to be effective technique for Gorno exploration and has identified a new target area between Pian Bracca and Ponente
- Successful Booster funding application for Gorno innovation project positions Alta to potentially attract further EU support and access non-dilutive funding
- Share consolidation on 15:1 basis completed
- Cash reserves of $4.1M as at 30 June 2021
Gorno Zinc Project (Lombardy, Northern Italy)
During the Quarter, the main exploration focus was on completing drilling in advance of the scheduled update of the Mineral Resource estimate (MRE) (completed and announced 14 July 2021).
Drilling continued at the new Pian Bracca South mineralised corridor, and at Ponente to follow up on channel sampling of the existing workings. All assay results of drilling and channel sampling reported during the Quarter are presented in Tables 2 and 3. These were compiled and included in the assessment of the MRE (see Updated Mineral Resource Estimate below).
Drilling at Gorno continues with a single rig testing extensions to the resource area at Ponente pending the start of a planned Phase 2 drilling campaign designed to test areas outside the MRE. Phase 2 drilling will initially test for extensions of the Ponente resource area, and thereafter the Fontanone mineral horizon (which can be targeted via short holes from existing development on the 940m RL) and the geophysical target identified between Ponente, Pian Bracca and Malanotte which can be drilled from surface.
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About Alta Zinc Limited
Alta Zinc Limited (ASX:AZI) (FRA:8EE) is an emerging ASX-listed exploration and development company focused on unlocking dormant value at the Gorno Project. Gorno is an historic high-grade zinc mine in industrialised Northern Italy, proximal to smelters and key infrastructure and with a track record of producing high quality clean concentrates to European Smelters.
Drilling of known brownfields high-grade targets is underway and aims to strengthen the current Resource inventory. Subsequent project development will leverage off the existing underground infrastructure, simple metallurgy and advanced technical studies to de-risk a future feasibility study. The Company also has a portfolio of other mineral exploration projects in northern Italy and Australia.